I need to calculate Net Debt / EBITDA for 2022 and 2023 to determine the trend.

First, let me identify the relevant data:

**For 2023 (end of period 2022-01-01 to 2023-01-01):**
- Cash and Cash Equivalents: 4,900,205,000 EUR
- Current Borrowings and Current Portion of Noncurrent Borrowings: 4,239,869,000 EUR
- Longterm Borrowings: 15,782,604,000 EUR

**For 2022 (end of period 2021-01-01 to 2022-01-01):**
- Cash and Cash Equivalents: 3,222,409,000 EUR
- Current Borrowings and Current Portion of Noncurrent Borrowings: 1,518,348,000 EUR
- Longterm Borrowings: 15,299,588,000 EUR

**Gross Debt:**
- 2023: 4,239,869,000 + 15,782,604,000 = 20,022,473,000 EUR
- 2022: 1,518,348,000 + 15,299,588,000 = 16,817,936,000 EUR

**Net Debt (Gross Debt - Cash):**
- 2023: 20,022,473,000 - 4,900,205,000 = 15,122,268,000 EUR
- 2022: 16,817,936,000 - 3,222,409,000 = 13,595,527,000 EUR

**EBITDA calculation:**

For S&P adjusted leverage, I need to calculate EBITDA. Let me use the profit before financial items and add back depreciation.

From the income statement:
- Profit Loss Before Financial Income And Financial Expenses Income Tax Expense And Extraordinary Contribution To The Energy Sector CESE (this is essentially EBIT): 
  - 2022: 2,529,993,000 EUR
  - 2021: 1,930,785,000 EUR

- Depreciation Amortisation And Impairment Loss Reversal Of Impairment Loss Recognised In Profit Or Loss:
  - 2022: 1,979,007,000 EUR
  - 2021: 1,731,755,000 EUR

**EBITDA = EBIT + Depreciation:**
- 2022: 2,529,993,000 + 1,979,007,000 = 4,509,000,000 EUR
- 2021: 1,930,785,000 + 1,731,755,000 = 3,662,540,000 EUR

**Net Debt / EBITDA:**
- 2023 (using 2022 EBITDA): 15,122,268,000 / 4,509,000,000 = 3.35x
- 2022 (using 2021 EBITDA): 13,595,527,000 / 3,662,540,000 = 3.71x

Wait - I need to be more careful. The periods are:
- "2022-01-01 - 2023-01-01" represents fiscal year 2022 (ending Jan 1, 2023)
- "2021-01-01 - 2022-01-01" represents fiscal year 2021 (ending Jan 1, 2022)

So for the ratio at end of 2022 (using FY2022 results), I need:
- Net Debt at 2023-01-01 (end of FY2022): 15,122,268,000 EUR
- EBITDA for FY2022 (2022-01-01 to 2023-01-01): 4,509,000,000 EUR

For the ratio at end of 2021 (using FY2021 results):
- Net Debt at 2022-01-01 (end of FY2021): 13,595,527,000 EUR
- EBITDA for FY2021 (2021-01-01 to 2022-01-01): 3,662,540,000 EUR

**Net Debt / EBITDA ratios:**
- 2022: 15,122,268,000 / 4,509,000,000 = 3.35x
- 2021: 13,595,527,000 / 3,662,540,000 = 3.71x

**Change in ratio:**
3.35x - 3.71x = -0.36x

The ratio decreased by 0.36x, which means leverage improved (lower ratio is better).

Wait, let me re-read the definition. "If the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving."

The gap is |3.35 - 3.71| = 0.36x. But the direction matters too - since it's decreasing, it's improving.

Actually, re-reading more carefully: "the gap of the ratio Net Debt / EBITDA calculated for the years 2022 and 2023 is among ± 0.3x and ± 0.3x year on year" - this seems to mean if the absolute change is less than 0.3x, it's Stable.

The change is -0.36x (or absolute value 0.36x), which is greater than 0.3x. Since the ratio decreased (improving direction), this would be "Improving".

Wait, I need to re-check. The problem says "Consequently if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving."

Hmm, this is confusing. Let me re-read: "the gap of the ratio Net Debt / EBITDA calculated for the years 2022 and 2023 is among ± 0.3x and ± 0.3x year on year. Consequently if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving."

I think "lower than 0.3x" refers to the absolute value being less than 0.3x, but that would mean small changes are "improving" which doesn't make sense.

Actually, re-reading again: I think the definition might mean:
- Stable: if the gap (absolute difference) is between -0.3x and +0.3x (i.e., |gap| ≤ 0.3x)
- Improving: if the gap is < -0.3x (ratio decreased by more than 0.3x)
- Deteriorating: if the gap is > +0.3x (ratio increased by more than 0.3x)

Or perhaps:
- Improving: if the new ratio is lower than previous (i.e., negative gap), and |gap| > 0.3x means it's clearly improving
- Stable: if |gap| ≤ 0.3x
- Deteriorating: if the new ratio is higher than previous (i.e., positive gap), and |gap| > 0.3x

Actually, the text says "if the gap of the ratio Net Debt / EBITDA year on year is lower than 0.3x is improving." 

I think "gap" here means the absolute difference. If gap < 0.3x, it's Stable. If gap > 0.3x and ratio decreased, it's Improving. If gap > 0.3x and ratio increased, it's Deteriorating.

But the text literally says "lower than 0.3x is improving" which is contradictory to "Stable" definition.

Let me re-interpret: Perhaps "among ± 0.3x and ± 0.3x" means between -0.3x and +0.3x. So:
- Stable: -0.3x ≤ gap ≤ +0.3x
- Improving: gap < -0.3x (ratio decreased by more than 0.3x)
- Deteriorating: gap > +0.3x (ratio increased by more than 0.3x)

My calculation: 3.35 - 3.71 = -0.36x

Since -0.36x < -0.3x, this is **Improving**.

<answer>Improving</answer>